Ann: First Deep Hole Confirms IR Gold System at M, page-8

re: Ann: First Deep Hole Confirms IR Gold Sys... Follow the gold trail
Robin Bromby From: The Australian May 25, 2010 12:26PM

AS predicted in this space yesterday, Friday's rally on Wall Street was nothing to hang one's hat on and wouldn't last.

Just look at the last half hour of the Dow this morning if you want to see something more akin to where were headed.

So, once again, all roads lead to gold - and all the security it brings.

For those who follow gold stocks, there was plenty to see this morning.

The whole Meekatharra region story keeps getting more attractive. Rubianna Resources reported results from its maiden drilling program at the Ruby Well project. Of those 28 holes, the best assays came back as 4m at 49.46 grams/tonne, 4m at 5.68g/t and 4m at 5.07g/t. The company said the results confirmed the down-dip and strike continuity of the gold mineralisation.



Over the other side of the continent, this time in central Victoria, GBM Resources says a deep diamond hole at its Malmbury gold project strongly supported the conclusion that it was part of a large intrusion-related gold system. The extent of the hydrothermal system is greater than 4km in strike length with a potential depth of greater than 1km. The hole contained the other metals that are characteristically present in IRGS deposits - tungsten, molybdenum, bismuth, tellurium, antimony and arsenic. Obviously a great deal more drilling is required, but the news help GBZ gain 12.5 per cent on a bad morning.

In other gold developments:

Eleckra Mines, which is on a number of analyst recommendation lists, reported grades up to 40.27 grams/tonne from the first batch of assays at its Yamarna project, 150km east of Laverton.

Silver Lake Resources said its Magic deposit has returned intersections including a mouth-watering 11m at 59.4 grams/tonne, 10m at 19.1g/t and 3m at 19.1g/t.

Integra Mining had some additional drill from its Majestic project, 22km north of its Salt Creek deposit where it is now building a gold processing plant. The assays included 29m at 4.62 grams/tonne and 18m at 3.9g/t.

And Vital Metals seems to have justified its switch to the West African gold hunt. It and partner Ampella Mining detailed the first 19 hole results from the Doulnia project in Burkina Faso. These included 18m at 2.95 grams/tonne, 4m at 18.71g/t (and ending still in mineralisation) and 31m at 3.19g/t.

[email protected]